Decanting – It’s Not Just for Wine Any Longer
In a recent article by Barbara Danberg, Esquire (see full article on our website under News) she discussed some of the beneficial reasons to decant a trust. In short, decanting can be a powerful tool in the trustee’s arsenal. A trustee is to work within the four corners of a trust document. What happens though, when direction is vague or lacking completely? As wealth transfers from generation to generation, what happens when that document just doesn’t “fit” within the beneficiaries’ estate plan?
A trust should be a source of comfort, not a source of strife. However, as times change and tax laws and statutes are enacted, the typical “one size fits all” trust may not work for your family. Delaware continues to be a jurisdiction that provides the mechanisms to make changes to documents that may have once been considered unchangeable. First State Trust Company, working with your counsel, can decant into a new trust document that provides for the framework of those that it benefits.
For more information regarding decanting and some of the ways in which it can be used, please visit our website.
For more information, please contact:
Jacqueline Jenkins, CTFA
Chief Fiduciary Officer / Managing Director
Phone: 561-515-6156 / Email: firstname.lastname@example.org
The posts expressed are views of FSTC and are not intended as advice or recommendations. For informational purposes only.